Fleet or business fuel cards act as a credit line that enables fleet owners and operators to improve their administrative processes. Processes such as billing, reporting, payments, and expense tracking can become more efficient by using a fleet fuel card.
But did you know that business fuel cards can also help save you money?
In this article, we will discuss the various ways that business fuel cards can help you save money, thanks to their cost-saving tools.
What Are Fleet Fuel Cards?
Fleet gas cards are specialized business cards that allow fleet owners, drivers, and owner-operators to manage fuel-related expenses. In addition, most fleet cards come with additional benefits and discounts on tires, retreads, maintenance, and roadside assistance. Some business fuel cards may also qualify for special rewards in participating businesses such as restaurants, supermarkets, and shops.
Business fuel cards can become highly effective tools to streamline administrative processes, cut down on fuel-related expenses, and reduce fraud. Fleet owners and operators can obtain significant benefits from using a fleet card instead of a traditional credit card to manage fuel expenses and vehicle maintenance.
How Do Fleet Fuel Cards Work?
Fleet gas cards are specialized credit lines allowing fleet companies to streamline fuel purchases. Business fuel cards work with gas stations and participating merchants to provide fuel and other related services.
Fleet cards allow business owners to increase fraud protection by using specialized controls and reporting methods such as driver ID and mileage verification. Business fuel cards allow fleet owners to automate administrative processes leading to more efficient fleet management.
8 Ways Fleet Fuel Cards Help Save Money
Fleet cards save money through improved management controls and streamlined administrative processes. But that’s not the only way business fuel cards help companies save money. Here are eight ways that fleet fuel cards can help your business save money.
Discounts at the Pump
Business fuel cards offer special deals with participating gas stations. In particular, fleet fuel cards offer discounts and rebates at the pump. For instance, some fleet fuel cards offer an average savings of 6 cents per gallon at its more than 14,000 nationwide locations. Special deals and discounts also apply to other services such as food, lubricants, and vehicle washes.
Easily Monitor Fuel Costs
Fleet fuel cards offer comprehensive reporting features that allow business owners to track fuel-related expenses easily. Fleet cards also allow you to set specific limits on spending or “fuel only” restrictions.
Automatic Reporting
Fuel cards allow businesses to track expenses through automatic reporting features easily. In particular, gas cards generate daily, weekly, and monthly reporting enabling fleet managers to precisely calculate how much they spend on fuel. The best part of automatic reporting is the time it saves fleet managers since they no longer need to generate expense reports manually.
Additionally, business fuel cards generate real-time updates every time someone uses the card. These notifications report where the card is used, who used it, and how much they spent on it. These features help fleet managers stay on top of any potential fraud issues.
Staying on Top of Cash Flow
Fleet cards allow fleet managers to stay on top of cash flow management thanks to automatic reporting. Business fuel cards improve cash flow management by placing spending limits and enabling top-ups as needed. As a result, business owners and operators can avoid overspending and fraud.
Vehicle Tracking
Fuel cards come with added security features, such as notifications every time it’s used. These notifications alert fleet managers every time the card is used, the location, and vehicle. As a result, fleet managers can easily track vehicle location and spending. Thus, enhanced tracking ensures that fleet managers and business owners stay on top of driver and vehicle locations.
Fraud Protection
Fleet cards enable fleet managers and business owners to crack down on fraud. Fleet managers can enhance fraud protection by using enhanced controls, notifications, spending limits, and real-time tracking. Fleet managers can get comprehensive data on the location, vehicles, and drivers using cards. If fleet managers suspect any fraud, they can block cards or suspend a driver ID at once.
Spending Limits
Fleet fuel cards offer robust security features such as spending limits. Fleet managers can assign how much money or how many gallons drivers can spend at any time. Spending limits help fleet managers control costs while cutting down on fraud.
Reduce Your Risk of Overdraft
Fleet cards reduce the risk of overdrafts by capping spending limits. For instance, fuel cards can be set with specific limits. Once the limit has been reached, the card cannot be used. This feature avoids overdrafts of company credit lines ensuring cost-savings through reduced overdraft fees.
Save Money With a Fleet Fuel Card
Fuel cards are a highly effective way of helping fleet owners and operators save time and money. Gas cards also crack down on fraud and provide fleet managers with comprehensive reporting features. Time-consuming tasks such as receipt collecting and data entry are a thing of the past.
FAQ
Fuel cards are credit lines that allow fleet managers to track and control fuel spending. Specialized controls such as ID verification cut down on fraud. Spending limits and real-time tracking enhance cost-saving.
Some fleet cards come with no monthly cost. Others range from $1 to $5 monthly per card.
A FICO score of about 580 to 640 is enough to qualify for a gas card. If you have a lower score, you may need to make a cash deposit as collateral on the card.
